US STOCKS-Futures pull back after record-setting week

Nov 28 (Reuters) - U.S. stock index futures pulled back on Monday, after the three major indexes extended their post-election rally and closed at record highs.

* The three indexes closed higher for three weeks in a row, with the S&P 500 notching its seventh record close since Nov. 8.

* Oil prices were lower in choppy trading as the market grappled over the shaky prospect of OPEC producers being able to agree output cuts at a meeting on Wednesday aimed at reining in global oversupply.

* European shares were pressured by the drop in oil prices. Investors also awaited a referendum on constitutional reform in Italy on Sunday.

* The dollar index extended its losses on Monday, retreating from its highest levels since 2003, as U.S. Treasury yields eased from recent peaks.

* The dollar had been on a tear on expectations that President-elect Donald Trump’s infrastructure spending plans will boost inflation as well as a high likelihood of an interest rate hike in December.

* The U.S. Federal Reserve will next meet on Dec. 13-14, with traders pricing in an 89 percent chance of a hike.

* “An air of caution swept across the financial markets as doubts of a successful OPEC deal weigh heavily on global sentiment,” said Lukman Otunuga, research analyst at FXTM.

* “Although Wall Street concluded last week near historical highs, losses could be realized if Asia’s and Europe’s bearish contagion contaminate American shares.”

* ConocoPhillips was up 1.1 percent at $46.24 in premarket trading after Goldman Sachs raised its price target on the stock.

* Amazon was down 0.3 percent at $778 after Citigroup reduced its price target on the stock.